Many students face unexpected turns during their academic journeys. I was no exception. Coming from a Science background in 10+2, I wandered off to B.Com and then M.Com at SMS Varanasi. And my journey here has been incredible!
I will talk about my M.Com experiences here. The Master of Commerce program at SMS Varanasi is offered in affiliation with Mahatma Gandhi Kashi Vidyapith (MGKVP). As with most postgraduate courses, it is a two-year program that offers students a solid understanding of accounting and financial decision-making. It’s not all about theory. It really prepares us (students) for the best commerce careers in India and abroad.
My Experience while Choosing Commerce in Graduation
Alt: Misconceptions about Commerce among Indians
Picking Commerce as my graduation stream felt like a life-altering decision. For me, it was more like a hilarious family drama! Science? Absolutely not, according to Dad (seeing my marks in 10+2). Arts? Mom shut that down immediately. So, with a shrug and a ‘guess it’s commerce then’, I enrolled in B.Com (Bachelor of Commerce) at SMS Varanasi.
Then, began the whole “Commerce = CA” spiel.
I kept explaining to everyone that commerce can be about management but, truth be told, can you even call yourself a commerce student if you don’t remember the never-ending quest for the perfect balance sheet format?
Of course, there were my all-knowing relatives – the ones who assumed commerce meant an automatic enrollment into CA training. “CA, right?” they’d say, completely ignoring my explanations about MBA and a whole other world of possibilities.
And don’t even get me started on the ‘Science is superior’ brigade.
It’s not all about memorising tax codes. It’s about understanding the world of business, coming up with a good financial strategy, and executing it well. An M.Com from a prestigious institution like SMS Varanasi changed my life and I became what I was meant to be because I found some of the best professors and mentors here.
My Struggle with Choosing between a PhD and FRM Certification after M.Com
By the time, I completed my Master of Commerce degree program, I was ready for many exciting possibilities. I was in the doldrums and was wondering whether to pursue a PhD or aim for the coveted FRM (Financial Risk Management) certification.
On the one hand, a PhD beckoned with the allure of becoming a professor (like some of the esteemed faculty at FMS, DFS, DBE, DSE Delhi, and even IIMs – many of whom hold M.Com + PhD degrees). I liked the idea of specialising in finance or accountancy and found that contributing to the field through research was intellectually stimulating for me.
However, the path to a PhD isn’t exactly straightforward. One needs to clear NET/JRF and even then, professorship opportunities aren’t guaranteed. The system is changing and the lines between commerce and management PhDs are blurring.
Then, there was the FRM certification. It is a top-tier qualification in financial risk management – recognised and valued worldwide. The curriculum teaches professionals to tackle critical risk issues and the skills it imparts are highly sought-after.
People warned me that the FRM certification isn’t a cakewalk either. Cracking the two-level exam is just the beginning. Relevant work experience in risk management is essential.
I chose to become a Financial Risk Manager
The FRM certification, while challenging, got me intrigued. I had already learned about financial concepts and analysis in M.Com but the FRM certification is the gold standard in risk management. It could give me a chance (and the thrill) of tackling complex financial risks – perhaps, contributing to the stability of financial institutions! And I was ready for the struggle!
The FRM exams are notoriously challenging. I had to hit the books again. I devoured GARP’s study materials and enrolled in their online course. The knowledge from my M.Com on subjects like derivatives and financial markets proved invaluable, but the FRM curriculum demanded additional focus on risk measurement, quantitative analysis, and risk management frameworks.
Luckily, I wasn’t alone. A few of my friends from M.Com were also pursuing the FRM. So we formed a virtual study group. It did wonders for me. We motivated each other, shared resources, and taught each other. My friends’ support made a huge difference to my success.
If you don’t know already, the FRM exams are offered twice a year, and each part is a four-hour marathon testing your knowledge and resilience. The first part focuses on the fundamentals of risk management. The second part delved deeper into advanced risk management techniques and quantitative analysis.
I will not go into details of my FRM preparation here (You can find tons of articles and tips online though). I just want to say that passing the FRM certification exams was very gratifying and the biggest achievement I have had till then.
And it definitely opened a lot of doors for me!
The Journey Continues!
Today, I’m proud to say I’m a certified FRM working in the dynamic world of financial risk management. And I know that have to keep honing my skills to stay relevant.
The key takeaway of my story is that the M.Com program at SMS Varanasi ignited my passion for commerce and equipped me with the knowledge to pursue the FRM. My journey is a testament to the transformative power of education, especially when coupled with dedication and hard work.
